Previously known as the Hyatt Islandia, the Hyatt Regency is a leasehold on Mission Bay formerly owned by KenCal Ownership Corp.

Orange County-based Sunstone Hotel Investors, which owns the Del Mar property, has been shedding some of its lesser-performing suburban lodging holdings while at the same time acquiring more-prominent urban hotels.

The real estate investment trust recently completed the sale of a fourth hotel, the Marriott Del Mar, which sold for $66 million, and last year spent $475 million to acquire a 75 percent stake in the San Diego Bayfront Hilton.

The REIT formerly owned the tony W hotel in downtown San Diego but walked away from the property after deciding it was worth far less than what was owed.

The hotels that are being shed, which include one in Minneapolis and another in Troy, Mich., generated lower revenues than the average in Sunstone’s overall portfolio, Cruse noted.

“What they’re really saying is we shouldn’t have bought these hotels in the first place, or Wall Street likes us to buy deals like the Hilton Bayfront and get rid of deals like the Hilton Del Mar and the Marriott in secondary markets,” said Orange County hotel broker Alan Reay.

Sunstone did not disclose the buyer. But Reay said he believes that Wheelock Street Capital, a real estate investment firm, is buying the three hotels.

Meanwhile, another real estate investment firm, Chesapeake Lodging Trust, said it had acquired the Hyatt Regency on Mission Bay. Last sold in 2006 for $59.3 million, the 17-story waterfront hotel two years later underwent a $65 million renovation that included three new pools, a luxury spa, a new waterfront restaurant, and redesigned guest rooms.

Chesapeake, based in Maryland, also owns the Hotel Indigo in downtown San Diego.

“We are thrilled to expand our strategic relationship with Hyatt and purchase our second high-quality San Diego hotel, which is located directly on the bay with spectacular ocean views,” James L. Francis, Chesapeake’s president, said in a statement. “With the previous owner’s extensive renovation ... and our planned $6 million soft good refresh, the Hyatt is the best positioned asset within the immediate marketplace.”